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Wednesday, 13 April 2016

Conveying equipment market to grow at a CAGR of 1.9% from 2014 to 2020

In 2013, the global conveying equipment market was worth USD 31.89 billion. These equipments provide an efficient, cost-effective and accurate technique for the rapid and easy movement of goods from one place to another. Conveyor belts are usually prepared from rubber and secured with textiles, PVC or steel according to the application. These are used as carriers for goods across numerous end use industries such as steel works, power, ports, metal mining & coal, cement, airports and food & beverages.

Conveyors lead to diminish the manufacturing time that, in turn, help plants in attaining operational efficiency. Conveying equipment are used for decreasing human effort and time in the transfer of goods from one place to another. They can be set up anywhere and are considered to be harmless as compared to using a forklift and other machines for the movement of goods. The making of modified conveying equipment is enabled by the increased industrial production and developments in technologies.

Unit handling was the largest product type which accounted for over 45% of the market in 2013. Key uses of unit handling equipment include the monitoring of lesser batches which are most largely applicable in businesses such as shipments, food & beverage processing and other productions for durable goods. However, parts & attachments is projected to witness the highest growth rate, at an estimated CAGR of 2.4% from 2014 to 2020.

Durable goods accounted for the highest market share of over 40% in 2013. Growing demand for computer equipment and industrial machinery has led to the high growth of durable goods. Durable goods is also forecasted to witness the highest growth rate, at an anticipated CAGR of 2.0% from 2014 to 2020.

Europe accounted for over 60% of the global market in 2013.The growth in this region is driven by the presence of few top automobile manufacturers such as Audi, Mercedes and Ferrari. Europe is also projected to have the highest growth at an estimated CAGR of 1.6% over the forecast period.

Global conveying equipment market is amalgamated with few companies leading the market. The top three participants include Dematic, Rexnord and Sandvik and together they accounted for over 35% of the total market in 2013. The industry is moderately fragmented. The small unorganized companies across China and South Korea are taking ardent steps such as M&As to gain market share. There are ample opportunities for the new entrants, however high initial investment leads to restraining them from entering the industry.

Grand View Research has segmented the conveying equipment market on the basis of product, application and region: